Qualcomm pops on chipmaker's earnings and revenue beat

reported fourth-quarter earnings on Wednesday that beat Wall Street expectations for earnings and revenue, and the company guided to a strong December quarter.: $10.24 billion versus $9.90 billion expected

Qualcomm's fortunes have historically been tied to the smartphone industry, where the company provides a range of chips to handset makers, including system-on-a-chip processors, modems, and antennas. The company makes the chip at the heart of most high-end Android devices, and many lower-end phones as well. Qualcomm also sells modems and related chips toQualcomm reported a 12% increase in handset chip sales to $6.1 billion, in line with FactSet estimates.

"We will continue to transform Qualcomm from a wireless communications company into a connected computing company for the age of AI," Qualcomm CEO Cristiano Amon said on an earnings call with analysts.

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